Chinese Investor to Proceed with Iceland Investments? Skip to content

Chinese Investor to Proceed with Iceland Investments?

katrinjuliusdottir-radhMinister of Industry and Tourism Katrín Júlíusdóttir intends to assist Chinese businessman Huang Nubo with his investments in Iceland now that his application to acquire a piece of land in northeast Iceland has been rejected.

Minister of the Interior Ögmundur Jónasson who denied Huang the legal exemption necessary for the acquisition to be carried through, said he has nothing against her plans, Fréttablaðið reports.

“I find that rather positive. If this man or the conglomerate he represents is interested in investing in the Icelandic tourism industry, hotels or other aspects, I would favor the move,” Ögmundur said.

“However, if it is a question of acquisition of land, not to mention a large area, or long-term lease, the matter is different because we have laws on that which we would like to comply with,” the minister added.

Last week Huang told broadcaster Stöð 2 that he is open to the possibility of renting the land he originally wanted to purchase, Grímsstaðir á Fjöllum.

The Icelandic government has now engaged in talks with Huang on potential investments and Katrín has said that he will be assisted in understanding the Icelandic legal environment.

If Huang is interested in renting Grímsstaðir for longer than three years without terms of annulment, the agreement must be approved by Ögmundur. The interior minister himself is not involved in the current talks.

Katrín told RÚV yesterday that she is discontent with Ögmundur’s comments that he hopes the government isn’t planning to guide Huang through loopholes in Icelandic law.

“I must say that I was very surprised. That he would insinuate we would do such a thing without anything having been discussed,” Katrín said.

“It may not be so strange that he doesn’t realize how open Iceland actually is towards industrial investments given that foreign investments haven’t actually been on his table so far,” she added.

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